Provisions relating to Chapter 7 (Mortgages)
9 Provisions relating to Chapter 7 (Mortgages)
The duty charged by Chapter 7 is charged on—
a mortgage that is first executed on or after the commencement day; and
Sch. 2 cl. 9(1)(b) amended by No. 46/2001 s. 29(6)(a).
an advance or a further advance that is made on or after the commencement day on a mortgage first executed before the commencement day.
Sch. 2 cl. 9(2) amended by Nos 46/2001 s. 29(6)(b), 79/2001 s. 11(2)(a).
A mortgage duly stamped or not subject to duty under the former Act immediately before the commencement day is on that day taken to be duly stamped under this Act.
A mortgage that is not duly stamped under the former Act immediately before the commencement day is on that day taken to be chargeable with duty under Chapter 7.
Sch. 2 cl. 9(4) inserted by No. 46/2001 s. 29(7), amended by No. 79/2001 s. 11(2)(b).
Despite subclause (1)(b), a mortgage first executed before the commencement day that secures amounts liable or contingently liable under a bill facility referred to in section 150(1)(b) is chargeable with duty under Chapter 7 on or after that day on the amount by which the advances secured by it exceeds the amount secured or contingently secured by it on 30 June 2001.
Sch. 2 cl. 9(5) inserted by No. 46/2001 s. 29(7).
Despite subclause (3), if—
an advance was made under a mortgage before the commencement day, being a mortgage over property partly within and partly outside Victoria; and
the mortgage is not stamped before the commencement day—
duty on the mortgage is to be determined in accordance with section 137DA of the former Act as in force immediately before the commencement day.
Sch. 2 cl. 9(6) inserted by No. 30/2002 s. 13.
Subclause (4) does not apply to the extent that duty has been paid under a corresponding Act on an amount to which that subclause would otherwise apply.
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